Illinois § 15-203 When other tax-deferred account presumed abandoned

Illinois Statutes

§ 15-203 — When other tax-deferred account presumed abandoned

Illinois § 15-203

JurisdictionIllinois

TopicRIGHTS AND REMEDIES

Ch. 765PROPERTY

Act 765 ILCS 1026/Revised Uniform Unclaimed Property Act.

Art.Title 15 - Revised Uniform Unclaimed Property Act

This text of Illinois § 15-203 (When other tax-deferred account presumed abandoned) is published on Counsel Stack Legal Research, covering Illinois primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

765 Ill. Comp. Stat. 15-203 (2026).

Text

(a)Subject to Section 15-210 and except for property described in Section 15-202, property held in an account or plan, including a health savings account, that qualifies for tax deferral under the income-tax laws of the United States is presumed abandoned if it is unclaimed by the apparent owner 3 years after the earlier of:

(1)the date, if determinable by the holder, specified in the income-tax laws and regulations of the United States by which distribution of the property must begin to avoid a tax penalty, with no distribution having been made; or (2) 20 years after the date the account was opened.

(b)If the owner is deceased, then property subject to this Section is presumed abandoned 2 years from the earliest of:

(1)the date of the distribution or attempted distribution of the prop

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(a) Subject to Section 15-210 and except for property described in Section 15-202, property held in an account or plan, including a health savings account, that qualifies for tax deferral under the income-tax laws of the United States is presumed abandoned if it is unclaimed by the apparent owner 3 years after the earlier of: (1) the date, if determinable by the holder, specified in the income-tax laws and regulations of the United States by which distribution of the property must begin to avoid a tax penalty, with no distribution having been made; or (2) 20 years after the date the account was opened. (b) If the owner is deceased, then property subject to this Section is presumed abandoned 2 years from the earliest of: (1) the date of the distribution or attempted distribution of the property; (2) the date of the required distribution as stated in the plan or trust agreement governing the plan; or (3) the date, if determinable by the holder, specified in the income tax laws of the United States by which distribution of the property must begin in order to avoid a tax penalty. (c) In the tenth year after the opening of an account holding property covered by this Section in which the apparent owner has not, within the previous 3 years, indicated an interest under Section 15-210 and that is not otherwise presumed abandoned, the holder shall attempt to contact the apparent owner of the account in a manner substantially similar to the manner in which notice is provided under Section 15-501. The administrator shall adopt rules to implement this subsection.